Gold Up on the Year
Gold closed up $26.20 on the year at $1,826.20
https://stockcharts.com/freecharts/gallery.html?%24GOLD
Through the year as the S&P melted down gold started declining in March with the Russian invasion of the Ukraine to it a low of $1,618.30 at the begining of November.
While the S&P continued its decent in December gold diveraged from the stock market and recovered everything it lost through the year to close up $26.20 on the year.
S&P on the other hand was off 979.13 or 20.3% from 4,818.62 at the begining of the year to close out at 3,839.49. This is one of the S&P's worse years in a long while.
https://stockcharts.com/freecharts/gallery.html?%24SPX
Gold and oil were the top winners this year with oil also closing up slightly on the year outperforming every other asset.
Strong macro conditions are in place to last for gold to continue to rise in 2023. Geopolitical discord increasing through out the world and fiats devaluing vis-a-vis commodities is prompting central banks to sharply increase gold reserves along with others.
Under Basel 3 compliance paper gold liquidity and gold inventories are declining on the London bullion exchange and COMEX as physical gold deliveries climb.
Physical gold is playing an increasing role in price discovery for gold.
Happy New Year